More than 40 million student loan borrowers face repayment this week, and many are experiencing issues with their loan servicers.
The moment that many were dreading is here: Federal student loan payments officially restarted at the beginning of this week, affecting more than 40 million borrowers across the country and 4 million people here in California.
After going more than three years with these payments on pause, borrowers are now faced with figuring out how to afford them while paying other bills and rising costs.
What’s worse is that several loan servicing companies have since left the market, causing the transfer of 30 million borrower accounts to other servicers, which has resulted in serious and widespread loan servicing issues like inaccurate bills and phone wait times of more than an hour.
Rob is concerned about how these loan payments and servicing issues will impact Californians and borrowers everywhere, which is why he signed onto a letter from 18 Attorneys General asking the Biden Administration to keep fighting on behalf of student borrowers.
Will you join Rob in urging President Biden and his cabinet to do everything in their power to protect student borrowers?
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Last year, Rob took on loan servicer Navient as part of a multi-state legal settlement and won $11.5 million in direct restitution and $261 million in debt cancellation for California borrowers.
The AG is committed to doing whatever he can to protect and support student borrowers as we continue to address the nationwide student debt crisis.
— Team Bonta
